Earlier this month, the January HSBC Flash PMI jumped to 51.9, a two-year high. HSBC's PMI reading is more tilted toward small and medium sized enterprises, which are a bit more cyclical than the large companies.

The PMI reports are big deals because for months people have questioning whether China would face a hard or soft landing. With the economy showing signs of re-acceleration again, people are looking for confirmation that the world's second largest economy is really picking up.